TL;DR: summary: they have not been forced into liquidation yet, and still might come back one day.
July 11, 2013
Thank you very much for your patience and support as we work our way through difficult circumstances.
Customer withdrawals to date have been met with accuracy and efficiency. The Company has taken steps to significantly improve internal banking and bookkeeping procedures, by adding specific safeguards and business procedures to fully and absolutely protect segregated customer funds.
The Company has authorized the preparation of its’ 2012 audited accounts, these are estimated to be completed and filed by August 16th, 2013.
We estimate that the Company has sufficient funds to advance its’ legal claims at least through the end of the year. We are not able at this time to report on current progress.
Business Development initiatives are also being progressed via productive and ongoing discussions with potential partners.
We will continue to keep you informed as things develop.
Sincerely,
Ronald Bernstein
Director, Intrade
May 20, 2013
Intrade is now processing withdrawals for all customers—including US account holders. You can log into your account and request a withdrawal on the My Intrade page of the website. Please note that at this time we are processing withdrawals by bank wire only—we are not processing withdrawals by check or any other method of payment.
For more information on withdrawing the balance of your Intrade please see these FAQ’s. If you have any further questions please send an email to accountservices@intrade.com.
May 6, 2013
We have begun processing withdrawals for the account holders who agreed to forbearance. On Wednesday, May 8th, we will begin processing withdrawals for all non-US accounts. On Wednesday you will be able to log into your account and request a withdrawal on the My Intrade page of the website. Please note that at this time we are processing withdrawals by bank wire only—we are not processing check withdrawals.
On Monday, May 20th, we will resume processing withdrawals from US accounts. Full details on how US customers can withdraw their funds will be published on the Intrade homepage closer to the time.
These dates have been set based on the expected number of withdrawals and the resources available to process these requests. Depending on the number of withdrawal requests received, Intrade reserves the right to extend these dates if required. Please keep an eye on the Intrade homepage for further updates.
April 30, 2013
As of the close of business on April 29th, 2013, Intrade has received agreements of forbearance with certain members in an amount sufficient to allow the Company to remain solvent.
In the next few days, instructions will be provided accordingly so that members’ non-waived funds may be returned as quickly as possible. We expect to begin processing withdrawals on Thursday, May 2, 2013.
We are deeply appreciative of your expressions of support, as we now turn our attention to the pursuit of restitution of all member funds. Thank You.
Sincerely,
Ronald Bernstein
Director, Intrade
April 22, 2013
Since April 5, 2013, we have been working on the creation of a forbearance agreement with Members that, if accepted in a sufficient amount, would allow the Company to remain solvent; to immediately pay Members at least 50% of their settled account balances; and to prosecute various legal claims against parties we believe have harmed the Company.
At this time, we are very close to achieving the required acceptance. As such, it has been determined that the most responsible action is to extend the deadline previously established to allow time to complete discussions with some Members who have not yet conclusively resolved to accept the forbearance arrangement. It is our hope that their agreement now will help us achieve the required total amount.
Please note that even partial re-payments of member funds could not begin until it has been confirmed that sufficient funds in aggregate have been agreed to be waived.
In addition to these efforts, we have been engaged in serious discussions with at least one investment firm about investment into and/or partnership with Intrade. Any arrangement contemplated by a new transaction would only be considered by the Company if it preserved AT LEAST the benefits of the terms of the currently proposed forbearance arrangement. Our discussions also include the possibility of no forbearance by members, with some contingencies.
In the very near future, we hope to announce either 1/ the accomplishment of forbearance agreements in a sufficient amount to allow partial repayments of member funds, or 2/ the relevant terms of a proposed transaction involving the Company which would be of greater benefit to our Members than the forbearance plan.
In the meantime, we will continue to explore every avenue we can to preserve and improve the situation for members.
We will provide a further update here no later than April 30, 2013.
TL;DR: summary: they have not been forced into liquidation yet, and still might come back one day.
July 11, 2013
Thank you very much for your patience and support as we work our way through difficult circumstances.
Customer withdrawals to date have been met with accuracy and efficiency. The Company has taken steps to significantly improve internal banking and bookkeeping procedures, by adding specific safeguards and business procedures to fully and absolutely protect segregated customer funds.
The Company has authorized the preparation of its’ 2012 audited accounts, these are estimated to be completed and filed by August 16th, 2013.
We estimate that the Company has sufficient funds to advance its’ legal claims at least through the end of the year. We are not able at this time to report on current progress.
Business Development initiatives are also being progressed via productive and ongoing discussions with potential partners.
We will continue to keep you informed as things develop.
Sincerely,
Ronald Bernstein Director, Intrade
May 20, 2013
Intrade is now processing withdrawals for all customers—including US account holders. You can log into your account and request a withdrawal on the My Intrade page of the website. Please note that at this time we are processing withdrawals by bank wire only—we are not processing withdrawals by check or any other method of payment.
For more information on withdrawing the balance of your Intrade please see these FAQ’s. If you have any further questions please send an email to accountservices@intrade.com.
May 6, 2013
We have begun processing withdrawals for the account holders who agreed to forbearance. On Wednesday, May 8th, we will begin processing withdrawals for all non-US accounts. On Wednesday you will be able to log into your account and request a withdrawal on the My Intrade page of the website. Please note that at this time we are processing withdrawals by bank wire only—we are not processing check withdrawals.
On Monday, May 20th, we will resume processing withdrawals from US accounts. Full details on how US customers can withdraw their funds will be published on the Intrade homepage closer to the time.
These dates have been set based on the expected number of withdrawals and the resources available to process these requests. Depending on the number of withdrawal requests received, Intrade reserves the right to extend these dates if required. Please keep an eye on the Intrade homepage for further updates.
April 30, 2013
As of the close of business on April 29th, 2013, Intrade has received agreements of forbearance with certain members in an amount sufficient to allow the Company to remain solvent.
In the next few days, instructions will be provided accordingly so that members’ non-waived funds may be returned as quickly as possible. We expect to begin processing withdrawals on Thursday, May 2, 2013.
We are deeply appreciative of your expressions of support, as we now turn our attention to the pursuit of restitution of all member funds. Thank You.
Sincerely,
Ronald Bernstein Director, Intrade
April 22, 2013
Since April 5, 2013, we have been working on the creation of a forbearance agreement with Members that, if accepted in a sufficient amount, would allow the Company to remain solvent; to immediately pay Members at least 50% of their settled account balances; and to prosecute various legal claims against parties we believe have harmed the Company.
At this time, we are very close to achieving the required acceptance. As such, it has been determined that the most responsible action is to extend the deadline previously established to allow time to complete discussions with some Members who have not yet conclusively resolved to accept the forbearance arrangement. It is our hope that their agreement now will help us achieve the required total amount.
Please note that even partial re-payments of member funds could not begin until it has been confirmed that sufficient funds in aggregate have been agreed to be waived.
In addition to these efforts, we have been engaged in serious discussions with at least one investment firm about investment into and/or partnership with Intrade. Any arrangement contemplated by a new transaction would only be considered by the Company if it preserved AT LEAST the benefits of the terms of the currently proposed forbearance arrangement. Our discussions also include the possibility of no forbearance by members, with some contingencies.
In the very near future, we hope to announce either 1/ the accomplishment of forbearance agreements in a sufficient amount to allow partial repayments of member funds, or 2/ the relevant terms of a proposed transaction involving the Company which would be of greater benefit to our Members than the forbearance plan.
In the meantime, we will continue to explore every avenue we can to preserve and improve the situation for members.
We will provide a further update here no later than April 30, 2013.
Sincerely,
Ronald Bernstein Director, Intrade